American Airlines Updates Employees on Bankruptcy Plan

Amid the news, American Chairman and CEO Tom Horton sent a letter to employees to update them on the company’s progress in bankruptcy reorganization.

Horton tells employees that American is negotiating to cut its debt load and junk its older planes, and is working on proposals to rework its union contracts. The company said its restructuring plan isn’t fully baked yet, but Horton says the “business plan and labor proposals will be coming together within the next few weeks.”

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